CANADA: George Weston Q3 net profit climbs
George Weston recorded an increase in third quarter net profits
George Weston, Canada's largest food processor and the parent of Loblaw, the country's largest retailer, has recorded an increase in third quarter net profits.
For the period ended 9 October, the retailer's net earnings reached C$184m (US$180.1m) compared to C$86m in the prior-year period.
Operating profit climbed 47.1% to reach C$490m. The figure was positively impacted by productivity improvements, lower input costs and lower legal and restructuring charges.
Sales edged up 1.1% to C$9.88bn.
In the 40-week period, profits dropped to C$351m from C$953m a year earlier, while operating profits jumped nearly 60% to C$1.15bn.
Sales rose 1.3% to C$24.59bn.
For the company's full earnings statement click here.
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